Further proof that the stimulus package is working: Super Bowl bets in Vegas are expected to exceed $100 million for first time in history.

The allure of a perfect season for
the New England Patriots or a historic upset for the underdog
New York Giants may boost Super Bowl wagers at Las Vegas sports
books above $100 million for the first time.

Last year’s National Football League championship game
between Indianapolis and Chicago resulted in $93.1 million in
legal bets at Nevada’s 176 sports books, down from the record
$94.5 million wagered on the Super Bowl in 2006.

The 18-0 Patriots are favored by 12 points for the Feb. 3
game in Glendale, Arizona. Most Las Vegas sports books opened
the line at 13 1/2 points and then lowered it as the majority of
the early betting was on the 13-6 Giants, who have won three
straight playoff games as underdogs.

"I do expect wagering to exceed $100 million,” Art
Manteris, vice president of race and sports book operations at
Station’s Red Rock Casino in Las Vegas, said in a telephone
interview. "The Patriots are very popular and their quest for
an undefeated season causes a lot of interest. And having a
major-market team like New York involved is a big plus.”

The Patriots have won three of the past six NFL titles and
are seeking to join the 1972 Miami Dolphins as the second team
in league history to cap an undefeated season with a Super Bowl
win. The Giants, in the championship game for the first time
since 2001, are attempting to become the second team to win a
Super Bowl after logging a 10-6 regular-season record.

"This is a unique game and we’re expecting a record
handle,” said Jeff Sherman, assistant manager of the Hilton
Race and Sports Book in Las Vegas. "You’re going to have people
that probably don’t normally get involved in the wagering aspect
of it getting caught up in the hype and saying, `Let me put down
a bet since everyone else is doing it.”’

`Big Money Bets’

Frank Streshley, a senior gaming analyst for the Nevada
Gaming Control Board, said he thought Super Bowl wagering might
reach $100 million last year, when Colts quarterback Peyton
Manning was trying to win his first title against a popular
Bears franchise that’s been a cornerstone of the NFL for 86
years.

Because of last year’s slight decline, and due in part to a
slowing economy, Streshley said that the total amount legally
wagered on this year’s game may not reach the milestone. He said
it would also depend on whether sports books get the "big money
bets,” or wagers in excess of $100,000.

"I think it’ll get a good handle,” Streshley said in a
telephone interview. "If we surpass $100 million, I might be a
little surprised there. Again, it depends on if the big bettors
come in or not. With New England, we’ve had some of the better
handles in the past 10 years in terms of amounts wagered.”

Nevada is the only U.S. state in which sports betting is
legal. Hundreds of millions more dollars are bet on the Super
Bowl at online sports books located outside the U.S.

Previous Matchup

The Patriots beat New York 38-35 at Giants Stadium in the
final week of the regular season.

The Giants haven’t lost since, beating Tampa Bay, Dallas
and Green Bay in the playoffs, and have covered the point spread
in their past five games. That includes the first matchup with
New England, in which the Giants were 14-point underdogs and
held a 28-16 second-half lead before quarterback Tom Brady, the
NFL’s Most Valuable Player, rallied the Patriots for their 16th
straight win.

New England, after covering its first six games of the
season and outscoring opponents by an average of 23 points, has
failed to win by more than the point spread in the past five
games. The Patriots beat Jacksonville by 11 points in their
playoff opener and San Diego by nine in last week’s AFC
championship.

"The money so far has been decidedly on the Giants,” said
Manteris. "People saw the Giants play the Patriots real tough a
couple of weeks ago and have seen the run that they’re on. The
Patriots haven’t been covering the spread now for the past two
months. They were on a tremendous roll the first half of the
season, covering the point spread easily every week, but now the
tide has turned.”

Via Bloomberg